On behalf of the
Registrant and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the 497
filed on October 17, 2012 to the prospectuses for the iShares Core Long-Term U.S. Bond ETF, iShares Core Total U.S. Bond Market ETF, iShares Core S&P Small-Cap ETF, iShares S&P Mid-Cap ETF, iShares Core S&P 500 ETF and iShares Core
S&P Total U.S. Stock Market ETF (the Funds). The purpose of the filing is to submit the 497 filed on October 17, 2012 in XBRL for the Funds.

If you have any questions regarding this filing, please contact Benjamin Haskin of Willkie Farr & Gallagher LLP at (202) 303-1124 or me at (415) 670-7987.

Very truly yours,

/s/ Edward Baer

Edward Baer

cc:

Benjamin Haskin, Esq.

EX-101.INS
2
ist17-20121017.xml
XBRL INSTANCE DOCUMENT
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BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> CORE S&P TOTAL U.S. STOCK MARKET ETF </font></center><br/>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="FONT-FAMILY: arial" size="2">Ticker: ITOT</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="FONT-FAMILY: arial" size="2">Stock Exchange: NYSE Arca</font>7234090826451032004-01-20<font style="FONT-FAMILY: arial" size="1">The Fund&#8217;s total return for the three months ended</font>2012-03-31<font style="FONT-FAMILY: arial" size="2"> best</font>2008-12-31<font style="FONT-FAMILY: arial" size="2">worst</font>2004-06-30<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: arial" size="5">iSHARES<font size="3"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> CORE S&amp;P MID-CAP ETF </font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> </p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center"> <td width="35%"></td> <td valign="bottom" width="1%"></td> <td width="64%"></td> <tr> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Ticker: IJH</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Stock Exchange: NYSE Arca</font></td></tr></table><p></p><font style="FONT-FAMILY: arial" size="2"><b>Investment Objective </b></font><font style="FONT-FAMILY: arial" size="2">The iShares Core S&amp;P Mid-Cap ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P MidCap 400<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> (the &#8220;Underlying Index&#8221;). </font><font style="FONT-FAMILY: arial" size="2"><b>Fees and Expenses </b></font><font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s <i>pro rata </i>share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the <i>Financial Highlights </i>section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). </font><br/><br/><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><center><font style="FONT-FAMILY: arial" size=1"><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b></font></center><font style="FONT-FAMILY: arial" size="2"><b>Portfolio Turnover.</b></font><font style="FONT-FAMILY: arial" size="2">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio.</font><font style="FONT-FAMILY: arial" size="2"><b>Example.</b></font><font style="FONT-FAMILY: arial" size="2">This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </font><font style="FONT-FAMILY: arial" size="2"><b>Principal Investment Strategies </b></font><font style="FONT-FAMILY: arial" size="2">The Underlying Index measures the performance of the mid-capitalization sector of the U.S. equity market. As of March 31, 2012, the Underlying Index included approximately 8% of the market capitalization of all U.S. equity securities. The stocks in the Underlying Index have a market capitalization between $1 billion and $4.4 billion (which may fluctuate depending on the overall level of the equity markets) and are selected for liquidity and industry group representation. The Underlying Index consists of stocks from a broad range of industries. Components primarily include financial, industrials and information technology companies, and may change over time. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">Indexing may eliminate the chance that the Fund will substantially outperform <br/></font><font style="FONT-FAMILY: arial" size="2">the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Standard &amp; Poor&#8217;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies (&#8220;S&amp;P&#8221;).<br/><br/><b>Industry Concentration Policy. </b> The Fund will concentrate its investments <i>(i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</font><font style="FONT-FAMILY: arial" size="2"><b>Summary of Principal Risks </b></font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s NAV, trading price, yield, total return and ability to meet its investment objective. <br/><br/><b><i>Asset Class Risk. </i></b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes. <br/><br/><b><i>Concentration Risk. </i></b> To the extent that the Fund&#8217;s investments are concentrated in a particular issuer, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, market, industry or asset class. <br/><br/><b><i>Equity Securities Risk. </i></b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes. <br/><br/><b><i>Financial Sector Risk. </i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br/><br/><b><i>Industrials Sector Risk. </i></b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.<br/><br/><b><i>Information Technology Sector Risk. </i></b><br/> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights.<br/><br/><b><i>Issuer Risk. </i></b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br/><br/><b><i>Management Risk. </i></b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br/><br/><b><i>Market Risk. </i></b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br/><br/><b><i>Market Trading Risk. </i></b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b><i>Mid-Capitalization Companies Risk. </i></b><br/> The Fund may invest in the securities of mid-capitalization companies. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments and their securities may be more volatile and less liquid.<br/><br/><b><i>Passive Investment Risk. </i></b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br/><br/><b><i>Securities Lending Risk. </i></b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b><i>Tracking Error Risk. </i></b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </font><font style="FONT-FAMILY: arial" size="2"><b>Performance Information </b></font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading <i>Total Return Information </i>in the <i>Supplemental Information </i>section of the Prospectus. </font><center><font style="FONT-FAMILY: arial" size="2"><b>Year-by-Year Returns (Years Ended December 31) </b></font></center><font style="FONT-FAMILY: arial" size="2">The best calendar quarter return during the periods shown above was 19.92% in the 3rd quarter of 2009; the worst was -25.50% in the 4th quarter of 2008. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">Updated performance information is available at www.ishares.com or by calling 1-800-iShares (1-800-474-2737) (toll free). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Average Annual Total Returns </b><b><br/>(for the periods ended December 31, 2011) </b></font></center>154885192<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: arial" size="5">iSHARES<font size="3"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> CORE S&amp;P SMALL-CAP ETF </font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> </p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center"> <td width="35%"></td> <td valign="bottom" width="1%"></td> <td width="64%"></td> <tr> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Ticker: IJR</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Stock Exchange: NYSE Arca</font></td></tr></table><p></p><font style="FONT-FAMILY: arial" size="2"><b>Investment Objective </b></font><font style="FONT-FAMILY: arial" size="2">The iShares Core S&amp;P Small-Cap ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P SmallCap 600<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> (the &#8220;Underlying Index&#8221;). </font><font style="FONT-FAMILY: arial" size="2"><b>Fees and Expenses </b></font><font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. &#8220;Acquired Fund Fees and Expenses&#8221; reflect the Fund&#8217;s <i>pro rata </i>share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the <i>Financial Highlights </i>section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). </font><br/><br/><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><center><font style="FONT-FAMILY: arial" size=1"><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b></font></center><font style="FONT-FAMILY: arial" size="2"><b>Portfolio Turnover.</b></font><font style="FONT-FAMILY: arial" size="2">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18% of the average value of its portfolio.</font><font style="FONT-FAMILY: arial" size="2"><b>Principal Investment Strategies </b></font><font style="FONT-FAMILY: arial" size="2"><b>Example.</b></font><font style="FONT-FAMILY: arial" size="2">This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</font><font style="FONT-FAMILY: arial" size="2"><b>Summary of Principal Risks </b></font><font style="FONT-FAMILY: arial" size="2"><b>Performance Information </b></font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading <i>Total Return Information </i>in the <i>Supplemental Information </i>section of the Prospectus. </font><center><font style="FONT-FAMILY: arial" size="2"><b>Year-by-Year Returns (Years Ended December 31) </b></font></center><font style="FONT-FAMILY: arial" size="2">The best calendar quarter return during the periods shown above was 21.03% in the 2nd quarter of 2009; the worst was -25.21% in the 4th quarter of 2008. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Average Annual Total Returns </b><b><br/>(for the periods ended December 31, 2011) </b></font></center><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (<i>i.e</i>., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. </font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.</font><font style="FONT-FAMILY: arial" size="2">1-800-iShares (1-800-474-2737)</font><font style="FONT-FAMILY: arial" size="2">www.iShares.com</font><font style="FONT-FAMILY: arial" size="2">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font><font style="FONT-FAMILY: arial" size="1">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.</font><font style="FONT-FAMILY: arial" size="1">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font><font style="FONT-FAMILY: arial" size="1">Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.</font>2000-05-22<font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><font style="FONT-FAMILY: arial" size="1">The Fund&#8217;s total return for the six months ended</font>2012-06-30<font style="FONT-FAMILY: arial" size="2">best</font>2009-06-30<font style="FONT-FAMILY: arial" size="2">worst</font>2008-12-31<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: arial" size="5">iSHARES<font size="3"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> CORE LONG-TERM<br/>U.S. BOND ETF </font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> </p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center"> <td width="35%"></td> <td valign="bottom" width="1%"></td> <td width="64%"></td> <tr> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Ticker: ILTB</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Stock Exchange: NYSE Arca</font></td></tr></table><p></p><font style="FONT-FAMILY: arial" size="2"><b>Investment Objective </b></font><font style="FONT-FAMILY: arial" size="2">The iShares Core Long-Term U.S. Bond ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the BofA Merrill Lynch 10+ Year US Corporate &amp; Government Index</font><font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">SM</sup></font><font style="FONT-FAMILY: arial" size="2"> (the &#8220;Underlying Index&#8221;), which includes publicly-issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt. </font><font style="FONT-FAMILY: arial" size="2">The Underlying Index measures the performance of the small-capitalization sector of the U.S. equity market. As of March 31, 2012, the Underlying Index included approximately 3% of the market capitalization of all U.S. equity securities. The stocks in the Underlying Index have a market capitalization between $300 million and $1.4 billion (which may fluctuate depending on the overall level of the equity markets) and are selected for liquidity and industry group representation. Components primarily include consumer discretionary, financial, industrials and information technology companies, and may change over time. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Standard &amp; Poor&#8217;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies (&#8220;S&amp;P&#8221;). </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (<i>i.e</i>., hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Asset Class Risk. </i></b>Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Concentration Risk. </i></b>To the extent that the Fund&#8217;s investments are concentrated in a particular issuer, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, market, industry or asset class. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Consumer Discretionary Sector Risk. </i></b>The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers&#8217; disposable income and consumer preferences, social trends and marketing campaigns. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Equity Securities Risk. </i></b>Equity securities are subject to changes in value and their values may be more volatile than other asset classes. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Financial Sector Risk. </i></b>Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Industrials Sector Risk. </i></b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Information Technology Sector Risk. </i></b>Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Issuer Risk. </i></b>Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Management Risk. </i></b>As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Market Risk. </i></b>The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Market Trading Risk. </i></b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Passive Investment Risk. </i></b>The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Securities Lending Risk. </i></b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Small-Capitalization Companies Risk. </i></b>The Fund will invest in the securities of small-capitalization companies. Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments and their securities may be more volatile and less liquid. </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b><i>Tracking Error Risk. </i></b>Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </font><font style="FONT-FAMILY: arial" size="2"><b>Fees and Expenses </b></font><font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><center><font style="FONT-FAMILY: arial" size=1"><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b></font></center><font style="FONT-FAMILY: arial" size="2"><b>Example.</b></font><font style="FONT-FAMILY: arial" size="2">This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </font><font style="FONT-FAMILY: arial" size="2"><b>Portfolio Turnover.</b></font><font style="FONT-FAMILY: arial" size="2">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 12% of the average value of its portfolio. </font><font style="FONT-FAMILY: arial" size="2"><b>Principal Investment Strategies </b></font><font style="FONT-FAMILY: arial" size="2">The Underlying Index is a broad, market-value weighted, total rate of return index designed to measure the performance of the long-term, investment grade U.S. corporate and government bond markets. Component securities include publicly-issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The securities in the Underlying Index have $250 million or more of outstanding face value ($1 billion for U.S. Treasuries) and have at least 10 years remaining to maturity or the first call date in the case of callable perpetual securities. In addition, the securities in the Underlying Index must be denominated in U.S. dollars, have a fixed coupon schedule (or at least 10 years before the last call prior to the date the bond transitions from a fixed-rate to a floating-rate security). The Underlying Index is rebalanced on the last calendar day of each month, based on information available up to and including the third business day before the last business day of the month. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">As of April 30, 2012, the Underlying Index consisted of 1,753 U.S. dollar-denominated issues of supranational and national entities of, and corporate entities whose principal place of business is in, the following countries or regions: Australia, Bahamas, Barbados, Belgium, Bermuda, Brazil, Canada, Chile, China, Finland, France, Germany, Hong Kong, Hungary, India, Ireland, Israel, Italy, Japan, Luxembourg, Malaysia, Malta, Mexico, the Netherlands, Norway, Panama, Peru, Qatar, Russia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Trinidad and Tobago, the United Kingdom and the U.S. Components primarily include financials and industrials entities, and may change over time. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The Fund generally invests at least 80% of its assets in the securities of the Underlying Index or in depositary receipts representing securities in the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#8220;BofA Merrill Lynch&#8221;). </font><br /><br /><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2"><b>Summary of Principal Risks </b></font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. <br /><br /> <b><i>Asset Class Risk.</i></b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes. <br /><br /> <b><i>Call Risk.</i></b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. <br /><br /> <b><i>Concentration Risk.</i></b> To the extent that the Fund&#8217;s investments are concentrated in a particular sovereign entity or entities, in a particular country, group of countries, market, sector or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that sovereign entity or entities, in a particular country, group of countries, market, sector or asset class. <br /><br /> <b><i>Credit Risk.</i></b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. <br /><br /> <b><i>Custody Risk.</i></b> Less developed markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by local banks, agents and depositories. <br /><br /> <b><i>Extension Risk.</i></b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments. <br /><br /> <b><i>Financial Sector Risk.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. <br /><br /> <b><i>Geographic Risk.</i></b> A natural or other disaster could occur in a geographic region in which the Fund invests. <br /><br /> <b><i>Income Risk.</i></b> The Fund&#8217;s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. <br /><br /> <b><i>Industrials Sector Risk.</i></b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. <br /><br /> <b><i>Interest Rate Risk.</i></b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. <br /><br /> <b><i>Issuer Risk.</i></b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. <br /><br /> <b><i>Liquidity Risk.</i></b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund&#8217;s returns because the Fund may be unable to transact at advantageous times or prices. <br /><br /> <b><i>Management Risk.</i></b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results. <br /><br /> <b><i>Market Risk.</i></b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br /><br /> <b><i>Market Trading Risk.</i></b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. <br /><br /> <b><i>Non-Diversification Risk.</i></b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers. <br /><br /> <b><i>Non-U.S. Issuers Risk.</i></b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk.</b> <br/><br/><b><i>North American Economic Risk.</i></b> The United States is Canada&#8217;s and Mexico&#8217;s largest trading and investment partner. Economic events in any one North American country can have a significant economic effect on the entire North American region, and on some or all of the North American countries in which the Fund invests. <br /><br /> <b><i>Passive Investment Risk.</i></b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. <br /><br /> <b><i>Reliance on Trading Partners Risk. </i></b> The Fund invests in countries whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund&#8217;s investments. Through its trading partners, the Fund is specifically exposed to <b>U.S. Economic Risk.</b><br /><br /> <b><i>Securities Lending Risk.</i></b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. <br /><br /> <b><i>Security Risk.</i></b> Some countries and regions in which the Fund invests have experienced security concerns. Incidents involving a country&#8217;s or region&#8217;s security may cause uncertainty in these markets and may adversely affect their economies and the Fund&#8217;s investments. <br /><br /> <b><i>Sovereign Obligations Risk.</i></b> The Fund invests in securities issued by or guaranteed by sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. <br /><br /> <b><i>Structural Risk.</i></b> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability. <br /><br /> <b><i>Tracking Error Risk.</i></b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not.<b> BFA expects that the Fund may experience higher tracking error than is typical for similar index ETFs.</b><br/><br/><b><i>U.S. Government Issuers Risk.</i></b> Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. government agencies and authorities are supported by varying degrees of credit, but generally are not backed by the full faith and credit of the U.S. government. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government or U.S. government agencies and authorities may cause the value of the Fund&#8217;s investments to decline. <br /><br /> <b><i>Valuation Risk.</i></b> The sales price the Fund could receive for a security may differ from the Fund&#8217;s valuation of the security and may differ <br/>from the value used by the Underlying Index, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund&#8217;s portfolio may change on days when shareholders will not be able to purchase or sell the Fund&#8217;s shares.</font><font style="FONT-FAMILY: arial" size="2"><b>Performance Information </b></font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading Total Return Information in the Supplemental Information section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Year by Year Returns (Year Ended December 31) </b></font></center><font style="FONT-FAMILY: arial" size="2">The best calendar quarter return during the period shown above was 15.37% in the 3rd quarter of 2011; the worst was -5.46% in the 4th quarter of 2010. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Average Annual Total Returns </b><b><br/>(for the periods ended December 31, 2011) </b></font></center><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: arial" size="5">iSHARES<font size="3"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> CORE S&amp;P 500 ETF </font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> </p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center"> <td width="35%"></td> <td valign="bottom" width="1%"></td> <td width="64%"></td> <tr> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Ticker: IVV</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Stock Exchange: NYSE Arca</font></td></tr></table><p></p><font style="FONT-FAMILY: arial" size="2"><b>Investment Objective </b></font><font style="FONT-FAMILY: arial" size="2">The iShares Core S&amp;P 500 ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P 500<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> (the &#8220;Underlying Index&#8221;). </font><font style="FONT-FAMILY: arial" size="2"><b>Fees and Expenses </b></font><font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><center><font style="FONT-FAMILY: arial" size="1"><b>Annual Fund Operating Expenses<br/> (ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b></font></center><font style="FONT-FAMILY: arial" size="2"><b>Portfolio Turnover. </b></font><font style="FONT-FAMILY: arial" size="2">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio. </font><font style="FONT-FAMILY: arial" size="2"><b>Example. </b></font><font style="FONT-FAMILY: arial" size="2">This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </font><font style="FONT-FAMILY: arial" size="2"><b>Principal Investment Strategies </b></font><font style="FONT-FAMILY: arial" size="2">The Underlying Index measures the performance of the large-capitalization sector of the U.S. equity market. As of March 31, 2012, the Underlying Index included approximately 76% of the market capitalization of all publicly-traded U.S. equity securities. The component stocks are weighted according to the float-adjusted market value of their outstanding shares. Components primarily include energy, financial, health care and information technology companies, and may change over time. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Standard &amp; Poor&#8217;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies (&#8220;S&amp;P&#8221;).<br/><br/><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.</i>, hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2"><b>Summary of Principal Risks </b></font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective.<br/><br/><b><i>Asset Class Risk.</i></b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.<br/><br/><b><i>Concentration Risk. </i></b> To the extent that the Fund&#8217;s investments are concentrated in a particular issuer, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, market, industry or asset class.<br/><br/><b><i>Energy Sector Risk. </i></b> The value of securities issued by companies in the energy sector may decline for many reasons, including, without limitation, changes in energy prices, government regulations, energy conservation efforts and potential civil liabilities.<br/><br/><b><i>Equity Securities Risk.</i></b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.<br/><br/><b><i>Financial Sector Risk.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.<br/><br/><b><i>Health Care Sector Risk.</i></b> The health care sector may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Health care companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.<br/><br/><b><i>Information Technology Sector Risk. </i></b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights.<br/><br/><b><i>Issuer Risk.</i></b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.<br/><br/><b><i>Management Risk.</i></b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.<br/><br/><b><i>Market Risk.</i></b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. <br/><br/><b><i>Market Trading Risk.</i></b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.<br/><br/><b><i>Passive Investment Risk.</i></b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.<br/><br/> <b><i>Securities Lending Risk. </i></b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.<br/><br/><b><i>Tracking Error Risk.</i></b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </font><font style="FONT-FAMILY: arial" size="2"><b>Performance Information </b></font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading <i>Total Return Information </i>in the <i>Supplemental Information </i>section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Year-by-Year Returns (Years Ended December 31)</b></font></center><font style="FONT-FAMILY: arial" size="2">The best calendar quarter return during the periods shown above was 15.92% in the 2nd quarter of 2009; the worst was -21.89% in the 4th quarter of 2008. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Average Annual Total Returns <br/>(for the periods ended December 31, 2011)</b></font></center><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.</i>, hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2"><b>Investment Objective </b></font><font style="FONT-FAMILY: arial" size="2">The iShares Core S&amp;P Total U.S. Stock Market ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&amp;P Composite 1500<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> (the &#8220;Underlying Index&#8221;). </font><font style="FONT-FAMILY: arial" size="2"><b>Fees and Expenses </b></font><font style="FONT-FAMILY: arial" size="2">The following table describes the fees and expenses that you will incur if you own shares of the Fund. The investment advisory agreement between iShares Trust (the &#8220;Trust&#8221;) and BlackRock Fund Advisors (&#8220;BFA&#8221;) (the &#8220;Investment Advisory Agreement&#8221;) provides that BFA will pay all operating expenses of the Fund, except interest expenses, taxes, brokerage expenses, future distribution fees or expenses, and extraordinary expenses. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><center><font style="FONT-FAMILY: arial" size=1"><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b></font></center><font style="FONT-FAMILY: arial" size="2"><b>Portfolio Turnover.</b></font><font style="FONT-FAMILY: arial" size="2">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio. </font><font style="FONT-FAMILY: arial" size="2"><b>Principal Investment Strategies </b></font><font style="FONT-FAMILY: arial" size="2">The Underlying Index comprises the S&amp;P 500<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font>, S&amp;P MidCap 400<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> and S&amp;P SmallCap 600<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font>, which together represent approximately 92% of the total U.S. equity market as of March 31, 2012. The securities in the Underlying Index are weighted based on the total float-adjusted market value of their outstanding shares. Securities with higher total market values have a larger representation in the Underlying Index. The S&amp;P 500<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> measures the performance of the large-capitalization sector of the U.S. equity market. As of March 31, 2012, the S&amp;P 500<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> included approximately 76% of the market capitalization of all U.S. equity securities. The S&amp;P MidCap 400<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> measures the performance of the mid-capitalization sector of the U.S. equity market. The securities in the S&amp;P MidCap 400<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> have a market capitalization between $1 billion and $4.4 billion (which may fluctuate depending on the overall level of the equity markets) and are selected for liquidity and industry group representation. The securities in the </font><br/><font style="FONT-FAMILY: arial" size="2">S&amp;P SmallCap 600<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> have a market capitalization between $300 million and $1.4 billion (which may fluctuate depending on the overall level of the equity markets) and the S&amp;P SmallCap 600<font style="FONT-FAMILY: arial" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> measures the performance of publicly-traded securities in the small-capitalization sector of the U.S. equity market. Components primarily include consumer discretionary, financial, health care, industrials and information technology companies, and may change over time.</font><br /><br/><font style="FONT-FAMILY: arial" size="2">BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity </font><font style="FONT-FAMILY: arial" size="2">measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). </font><br/><br/><font style="FONT-FAMILY: arial" size="2">The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Standard &amp; Poor&#8217;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies (&#8220;S&amp;P&#8221;). </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy. </b>The Fund will concentrate its investments (<i>i.e.</i>, hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and </font><br/><font style="FONT-FAMILY: arial" size="2">instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2"><b>Summary of Principal Risks </b></font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;), trading price, yield, total return and ability to meet its investment objective. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Asset Class Risk.</i></b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Concentration Risk. </i></b>To the extent that the Fund&#8217;s investments are concentrated in a particular issuer, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that issuer, market, industry or asset class. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Consumer Discretionary Sector Risk. </i></b> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers&#8217; disposable income and consumer preferences, social trends and marketing campaigns. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Equity Securities Risk.</i></b> Equity securities are subject to changes in value and their values may be more volatile than other asset classes.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Financial Sector Risk.</i></b> Performance of companies in the financial sector may be adversely impacted by many factors, including, among others, government </font><font style="FONT-FAMILY: arial" size="2">regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Health Care Sector Risk.</i></b> The health care sector may be affected by government regulations and government health care programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many health care companies are heavily dependent on patent protection and the expiration of a patent may adversely affect their profitability. Health care companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Industrials Sector Risk. </i></b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Information Technology Sector Risk. </i></b> Information technology companies face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Issuer Risk.</i></b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Management Risk.</i></b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Market Risk.</i></b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Market Trading Risk.</i></b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Mid-Capitalization Companies Risk.</i></b> The Fund may invest in the securities of mid-capitalization companies. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments and their securities may be more volatile and less liquid. </font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Passive Investment Risk.</i></b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Securities Lending Risk. </i></b>The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Small-Capitalization Companies Risk.</i></b> The Fund may invest in the securities of small-capitalization companies. Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments and their securities may be more volatile and less liquid.</font><br/><br/><font style="FONT-FAMILY: arial" size="2"><b><i>Tracking Error Risk.</i></b> Tracking error is the divergence of the Fund&#8217;s performance from that of the Underlying Index. Tracking error may occur because of imperfect correlation between the Fund&#8217;s holdings of portfolio securities and those in the Underlying Index, pricing differences, the Fund&#8217;s holding of cash, differences on timing of the accrual of dividends, changes to the Underlying Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </font><font style="FONT-FAMILY: arial" size="2"><b>Performance Information </b></font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading <i>Total Return Information </i>in the <i>Supplemental Information </i>section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Year by Year Returns (Years Ended December 31) </b></font></center><font style="FONT-FAMILY: arial" size="2">The best calendar quarter return during the periods shown above was 16.24% in the 2nd quarter of 2009; the worst was -22.36% in the 4th quarter of 2008. </font><br/><br/><font style="FONT-FAMILY: arial" size="2">Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free). </font><center><font style="FONT-FAMILY: arial" size="2"><b>Average Annual Total Returns </b><b><br/>(for the periods ended December 31, 2011) </b></font></center><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><font style="FONT-FAMILY: arial" size="2"><b>Example.</b></font><font style="FONT-FAMILY: arial" size="2">This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.</font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.</font><font style="FONT-FAMILY: arial" size="2">www.iShares.com</font><font style="FONT-FAMILY: arial" size="2">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font><font style="FONT-FAMILY: arial" size="1">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font><font style="FONT-FAMILY: arial" size="1">Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. </font><font style="FONT-FAMILY: arial" size="1">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.</font><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy. </b> The Fund will concentrate its investments (<i>i.e.</i>, hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and </font><br /><font style="FONT-FAMILY: arial" size="2">instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2">1-800-iShares (1-800-474-2737)</font><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCoreSPTotalUSStockMarketETF column period compact * ~</div>
<font style="FONT-FAMILY: arial" size="1">The Fund&#8217;s total return for the six months ended</font>2012-06-30<font style="FONT-FAMILY: arial" size="2">best</font>2009-06-30<font style="FONT-FAMILY: arial" size="2">worst</font>2008-12-31<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesCoreSPTotalUSStockMarketETFBarChart column period compact * ~</div>
<font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.</font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.</font><font style="FONT-FAMILY: arial" size="2">www.iShares.com</font><font style="FONT-FAMILY: arial" size="2">1-800-iShares (1-800-474-2737)</font><font style="FONT-FAMILY: arial" size="2">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </font><font style="FONT-FAMILY: arial" size="1">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.</font><font style="FONT-FAMILY: arial" size="1">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;). </font><font style="FONT-FAMILY: arial" size="1"> Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.</font><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesCoreSPTotalUSStockMarketETF column period compact * ~</div>
<font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy.</b> The Fund will concentrate its investments (<i>i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.</font><font style="FONT-FAMILY: arial" size="2"><b><i>Non-Diversification Risk.</i></b> The Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund&#8217;s performance may depend on the performance of a small number of issuers. </font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.</font><font style="FONT-FAMILY: arial" size="2">www.iShares.com</font>2000-05-15<font style="FONT-FAMILY: arial" size="2">1-800-iShares (1-800-474-2737)</font><font style="FONT-FAMILY: arial" size="2">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font>2000-05-22<font style="FONT-FAMILY: arial" size="1">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.</font><font style="FONT-FAMILY: arial" size="1">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font><font style="FONT-FAMILY: arial" size="1">Fund returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. </font>123968154<font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><font style="FONT-FAMILY: arial" size="1">The expense information in the table above has been restated to reflect current fees. </font><font style="FONT-FAMILY: arial" size="2"><b>Industry Concentration Policy. </b> The Fund will concentrate its investments <i>(i.e.,</i> hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. </font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund.</font><font style="FONT-FAMILY: arial" size="2">1-800-iShares (1-800-474-2737)</font><font style="FONT-FAMILY: arial" size="2">www.ishares.com</font><font style="FONT-FAMILY: arial" size="2">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </font><font style="FONT-FAMILY: arial" size="1">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.</font><font style="FONT-FAMILY: arial" size="1">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font><font style="FONT-FAMILY: arial" size="1"> Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. </font><font style="FONT-FAMILY: arial" size="1">The Fund&#8217;s total return for the six months ended</font><div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesCoreSPTotalUSStockMarketETF column period compact * ~</div>
2012-06-30<font style="FONT-FAMILY: arial" size="2"> best </font>2009-09-30<font style="FONT-FAMILY: arial" size="2"> worst </font>2008-12-312009-12-08<div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesCoreSPSmallCapETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCoreSPSmallCapETF column period compact * ~</div>
<font style="FONT-FAMILY: arial" size="1">The expense information in the table above has been restated to reflect current fees. </font><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center"><font style="FONT-FAMILY: arial" size="5">iSHARES<font size="3"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> CORE TOTAL U.S. BOND <br />MARKET ETF </font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 6px"> </p><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="70%" align="center"> <td width="35%"></td> <td valign="bottom" width="1%"></td> <td width="64%"></td> <tr> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Ticker: AGG</font></td> <td valign="bottom"><font size="1"></font></td> <td valign="bottom" align="middle"><font style="FONT-FAMILY: arial" size="2">Stock Exchange: NYSE Arca</font></td></tr></table><p></p><font style="FONT-FAMILY: arial" size="2"><b>Investment Objective </b></font><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualTotalReturnsiSharesCoreSPSmallCapETFBarChart column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCoreSP500ETF column period compact * ~</div>
<div style="display:none">~ http://www.iShares.com/role/ScheduleAverageAnnualTotalReturnsTransposediSharesCoreSPSmallCapETF column period compact * ~</div>
<font style="FONT-FAMILY: arial" size="2"><b>Fees and Expenses </b></font><center><font style="FONT-FAMILY: arial" size=1"><b>Annual Fund Operating Expenses<br/>(ongoing expenses that you pay each year as a <br/>percentage of the value of your investments)</b></font></center><font style="FONT-FAMILY: arial" size="2"><b>Example.</b></font><font style="FONT-FAMILY: arial" size="2"><b>Portfolio Turnover.</b></font><font style="FONT-FAMILY: arial" size="2"><b>Principal Investment Strategies </b></font><font style="FONT-FAMILY: arial" size="2"><b>Summary of Principal Risks </b></font><font style="FONT-FAMILY: arial" size="2"><b>Performance Information </b></font><center><font style="FONT-FAMILY: arial" size="2"><b>Year by Year Returns (Years Ended December 31) </b></font></center><center><font style="FONT-FAMILY: arial" size="2"><b>Average Annual Total Returns </b><b><br/>(for the periods ended December 31, 2011) </b></font></center><font style="FONT-FAMILY: arial" size="2">The Underlying Index measures the performance of the total U.S. investment grade bond market. As of April 30, 2012, there were 7,929 issues in the Underlying Index. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2">The Underlying Index includes investment grade U.S. Treasury bonds, government-related bonds, corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities and asset-backed securities that are publicly offered for sale in the United States. The securities in the Underlying Index have $250 million or more of outstanding face value and have at least one year remaining to maturity, with the exception of amortizing securities such as asset-backed and mortgage-backed securities, which have lower thresholds as defined by the index provider. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. Certain types of securities, such as state and local government series bonds, structured notes with embedded swaps or other special features, private placements, floating-rate securities and bonds denominated in euros are excluded from the Underlying Index. The Underlying Index is market capitalization-weighted and the securities in the Underlying Index are updated on the last calendar day of each month. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2">BFA uses a &#8220;passive&#8221; or indexing approach to try to achieve the Fund&#8217;s investment objective. Unlike many investment companies, the Fund does not try to &#8220;beat&#8221; the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2">BFA uses a representative sampling indexing strategy to manage the Fund. &#8220;Representative sampling&#8221; is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">The Fund generally seeks to track the performance of the Underlying Index by investing approximately 90% of its assets in the bonds represented in the Underlying Index and in securities that provide substantially similar exposure to securities in the Underlying Index. The Fund may invest the remainder of its assets in bonds not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index, as well as in cash and high-quality, liquid short-term instruments, including shares of money market funds advised by BFA or its affiliates. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2">As of April 30, 2012, approximately 31% of the bonds represented in the Underlying Index were U.S. fixed-rate agency mortgage pass-through securities. U.S. fixed-rate agency mortgage pass-through securities are securities issued by entities such as the Government National Mortgage Association (&#8220;GNMA&#8221; or &#8220;Ginnie Mae&#8221;), the Federal National Mortgage Association (&#8220;FNMA&#8221; or &#8220;Fannie Mae&#8221;), and the Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221; or &#8220;Freddie Mac&#8221;) that are backed by pools of mortgages. Most transactions in fixed-rate mortgage pass-through securities occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement (&#8220;to-be-announced (TBA) transactions&#8221;). The Fund may enter into such contracts on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid short-term instruments, including shares of money market funds affiliated with BFA. The Fund will assume its pro rata share of the fees and expenses of any money market fund that it may invest in, in addition to the Fund&#8217;s own fees and expenses. The Fund may also acquire interests in mortgage pools through means other than such standardized contracts for future delivery. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2">The Fund may lend securities representing up to one-third of the value of the Fund&#8217;s total assets (including the value of the collateral received). </font><br /><br /> <font style="FONT-FAMILY: arial" size="2">The Underlying Index is sponsored by an organization (the &#8220;Index Provider&#8221;) that is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. The Fund&#8217;s Index Provider is Barclays Capital Inc. (&#8220;Barclays Capital&#8221;). </font><br /><br /><font style="FONT-FAMILY: arial" size="2"> <b>Industry Concentration Policy. </b> The Fund will concentrate its investments (<i>i</i>.<i>e.</i>, hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund&#8217;s NAV, trading price, yield, total return and ability to meet its investment objective. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Asset Class Risk.</i></b> Securities in the Underlying Index or in the Fund&#8217;s portfolio may underperform in comparison to the general securities markets or other asset classes.</font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Call Risk.</i></b> During periods of falling interest rates, an issuer of a callable bond held by the Fund may &#8220;call&#8221; or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Concentration Risk.</i></b> To the extent that the Fund&#8217;s investments are concentrated in a particular region, country, market, industry or asset class, the Fund may be susceptible to loss due to adverse occurrences affecting that region, country, market, industry or asset class. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Credit Risk.</i></b> The Fund is subject to the risk that debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Extension Risk.</i></b> During periods of rising interest rates, certain obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline to the Fund&#8217;s income and potentially in the value of the Fund&#8217;s investments. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>High Portfolio Turnover Risk.</i></b> The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover (higher than 100%) may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Income Risk.</i></b> The Fund&#8217;s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Industrials Sector Risk.</i></b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Interest Rate Risk.</i></b> An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Issuer Risk.</i></b> Fund performance depends on the performance of individual securities to which the Fund has exposure. Changes to the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Liquidity Risk.</i></b> Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund&#8217;s returns because the Fund may be unable to transact at advantageous times or prices. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Management Risk.</i></b> As the Fund may not fully replicate the Underlying Index, it is subject to the risk that BFA&#8217;s investment management strategy may not produce the intended results. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Market Risk.</i></b> The Fund could lose money over short periods due to short-term market movements and over longer periods during market downturns. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Market Trading Risk.</i></b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND&#8217;S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Mortgage-Backed Securities Risk.</i></b> The Fund invests in mortgage-backed securities, some of which may not be backed by the full faith and credit of the U.S. government. Mortgage-backed securities are subject to prepayment risk and extension risk. Because of these risks, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. Default or bankruptcy of a counterparty to a TBA transaction would expose the Fund to possible loss. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Non-U.S. Issuers Risk.</i></b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to <b>North American Economic Risk.</b></font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Passive Investment Risk.</i></b> The Fund is not actively managed and BFA does not attempt to take defensive positions under any market conditions, including declining markets. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Securities Lending Risk.</i></b> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the Fund&#8217;s loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>Tracking Error Risk.</i></b> The performance of the Fund may diverge from that of the Underlying Index. Because the Fund employs a representative sampling strategy, the Fund may experience tracking error to a greater extent than a fund that seeks to replicate an index. </font><br /><br /> <font style="FONT-FAMILY: arial" size="2"><b><i>U.S. Treasury Obligations Risk.</i></b> U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund&#8217;s U.S. Treasury obligations to decline. </font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. Both assume that all dividends and distributions have been reinvested in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Supplemental information about the Fund&#8217;s performance is shown under the heading <i>Total Return Information </i>in the <i>Supplemental Information </i>section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;). </font><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesCoreLongTermUSBondETF column period compact * ~</div>
<font style="FONT-FAMILY: arial" size="2">The best calendar quarter return during the periods shown above was 5.21% in the 4th quarter of 2008; the worst was -2.66% in the 2nd quarter of 2004. </font><br /><br /><font style="FONT-FAMILY: arial" size="2">Updated performance information is available at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free). </font><font style="FONT-FAMILY: arial" size="2">You may also incur usual and customary brokerage commissions when buying or selling shares of the Fund, which are not reflected in the example that follows: </font><font style="FONT-FAMILY: arial" size="2">As with any investment, you could lose all or part of your investment in the Fund, and the Fund&#8217;s performance could trail that of other investments.</font><font style="FONT-FAMILY: arial" size="1">The expense information in the table above has been restated to reflect current fees.</font><div style="display:none">~ http://www.iShares.com/role/ScheduleExpenseExampleTransposediSharesCoreSP500ETF column period compact * ~</div>
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<font style="FONT-FAMILY: arial" size="1">The Fund's total return for the three months ended</font>2012-03-31<font style="FONT-FAMILY: arial" size="2">best</font>2011-09-30<font style="FONT-FAMILY: arial" size="2">worst</font>2010-12-31<font style="FONT-FAMILY: arial" size="1">The Fund&#8217;s total return for the six months ended</font><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCoreSPMidCapETF column period compact * ~</div>
2012-06-30<font style="FONT-FAMILY: arial" size="2"> best </font>2009-06-30<font style="FONT-FAMILY: arial" size="2">worst </font>2008-12-312003-09-22<font style="FONT-FAMILY: arial" size="2">www.iShares.com </font><font style="FONT-FAMILY: arial" size="2">1-800-iShares (1-800-474-2737)</font><font style="FONT-FAMILY: arial" size="1"><font style="FONT-FAMILY: arial" size="1">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. </font><font style="FONT-FAMILY: arial" size="1">Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (&#8220;IRAs&#8221;).</font><font style="FONT-FAMILY: arial" size="1">Fund returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. </font><div style="display:none">~ http://www.iShares.com/role/ScheduleAnnualFundOperatingExpensesTransposediSharesCoreTotalUSBondMarketETF column period compact * ~</div>
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<font style="FONT-FAMILY: arial" size="1">The expense information in the table above has been restated to reflect current fees. </font><font style="FONT-FAMILY: arial" size="1"> The expense information in the table above has been restated to reflect current fees.</font><font style="FONT-FAMILY: arial" size="2">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 131% of the average value of its portfolio. </font><font style="FONT-FAMILY: arial" size="1">The expense information in the table above has been restated to reflect current fees. </font><font style="FONT-FAMILY: arial" size="2">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</font><font style="FONT-FAMILY: arial" size="2">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund. </font><font style="FONT-FAMILY: arial" size="2">The iShares Core Total U.S. Bond Market ETF (the &#8220;Fund&#8221;) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays U.S. Aggregate Bond Index (the &#8220;Underlying Index&#8221;). </font><font style="FONT-FAMILY: arial" size="2">This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </font><font style="FONT-FAMILY: arial" size="2"> <b>Industry Concentration Policy. </b> The Fund will concentrate its investments (<i>i</i>.<i>e.</i>, hold 25% or more of its total assets) in a particular industry or group of industries, which may include large-, mid- or small-capitalization companies, to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. </font><font style="FONT-FAMILY: arial" size="2"> Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the <i>Financial Highlights </i>section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;).</font><font style="FONT-FAMILY: arial" size="2"> Acquired Fund Fees and Expenses are not used to calculate the Fund&#8217;s net asset value per share (&#8220;NAV&#8221;) and are not included in the calculation of the ratio of expenses to average net assets shown in the <i>Financial Highlights </i>section of the Fund&#8217;s prospectus (the &#8220;Prospectus&#8221;).</font>0.0014000.00020.00070.0016000.00070.0090.0070.00750.01020.0520.15130.01840.01620.0150.01940.05260.06960.0675-0.36780.06060.07090.27060.16150.01550.01550.01270.01380.0175-0.0005-0.0034-0.00070.00110.03520.03230.030.03690.0007000.00070.0008000.0008-0.14740.38590.22450.0750.1494-0.0045-0.31090.2549-0.22150.28510.26140.0090.10780.04820.15980.0543-0.36940.2640.14970.02030.02030.01710.01730.0211-0.0029-0.006-0.0027-0.00250.02850.02520.02390.02920.07580.06380.04910.07840.06290.04780.04490.0650.05230.03750.03590.05460.04010.02170.04140.06570.0590.05130.06280.07580.00240.0521-0.02660.0014000.00010.0015-0.14720.35370.16290.12480.10140.078-0.3620.37230.2638-0.0189-0.0189-0.0101-0.0211-0.01730.03190.02950.02670.03320.180.06880.06640.05980.07040.07940.2103-0.25210.050.09210.1624-0.22360.050.120.0012000.00120.140.09890.21680.21680.19790.13960.21980.14050.12260.10920.14570.07840.1992-0.2551.31-0.01890.1537-0.05460.09440.1592-0.2189The expense information in the table above has been restated to reflect current fees.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.The Fund's total return for the six months ended June 30, 2012 was 9.21%.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.The Fund's total return for the six months ended June 30, 2012 was 7.94%.
The expense information in the table above has been restated to reflect current fees.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.
The Fund's total return for the six months ended June 30, 2012 was 9.44%.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Fund returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.Formerly, Barclays Capital U.S. Aggregate Bond Index.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.The Fund's total return for the three months ended March 31, 2012 was 0.24%.After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Fund returns after taxes on distributions and sale of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sale of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.The Fund's total return for the six months ended June 30, 2012 was 7.84%.The Fund's total return for the three months ended March 31, 2012 was -1.89%.EX-101.SCH
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